Townhall.com posted an article on the President’s news conference this morning.  The article pointed out that President Obama called for tax hikes on the wealthiest Americans while demonizing the oil and gas industry.  Does anyone remember the history of raising taxes on the ‘wealthiest Americans?’

The website Watching America reminded us in March of this year:

“The U.S. enacted a luxury tax in November 1990, established by Congress and signed by President George H.W. Bush. Buyers of private yachts, planes, furs, jewelries and luxury cars are levied excise taxes. When luxury goods exceed certain prices, they are charged with excise taxes. For example, yachts below $100,000 are taxed at regular rates, and for yachts above $100,000, in addition to the regular rates, a 10 percent tax is charged on the excess amount.

“At that time, the bill was idealistic and simple to understand — only the rich can afford luxury items, and a tax on the rich fulfills social justice. Although the bill violates Bush’s election promise to “not raise taxes” during his term as president, he did not receive much opposition in proposing the luxury tax.

“However, in August 1993, two years after its introduction, the U.S. Congress decided to end the “luxury tax” because the tax revenues were disappointing and the livelihoods of common folks who made a living by selling “luxury items” were negatively impacted.”

 

The increase in taxes had the necessary effect–the Democrats attacked George H. W. Bush during the 1992 election campaign because he had raised taxes, the economy went into a slump, people were unhappy about the recession, and Bill Clinton was elected as President.

Part of the problem here is that 92 per cent of the people in the Obama administration have no business experience. 

Start Thinking Right posted this list of the percentage of people with business experience in past presidential administrations:

T. Roosevelt…….. 38%
Taft………………….40%
Wilson …………….. 52%
Harding…………….49%
Coolidge………….. 48%
Hoover…………….. 42%
F. Roosevelt……… 50%
Truman……………..50%
Eisenhower………. 57%
Kennedy………….. 30%
Johnson…………….47%
Nixon………………. 53%
Ford………………… 42%
Carter………………. 32%
Reagan……………..56%
GH Bush………….. 51%
Clinton …………….. 39%
GW Bush…………. 55%

The number for the Obama administration is 8%.

As states begin to cut back their bloated governments to make ends meet, it is time for the federal government to follow their example.  I do not support raising the debt ceiling unless there are some serious spending cuts.  The President can make all the speeches and hold all the press conferences he wants, but all that he is doing is convincing me that he has no clue as to how to turn this economy around.  He needs to start listening to the Republicans (highly unlikely) if he truly wants to see our economy recover.